UAE-headquartered ALEC Group furthers regional and sectoral expansion through acquisition

UAE-headquartered ALEC Group furthers regional and sectoral expansion through acquisition

Dubai, United Arab Emirates – ALEC Engineering and Contracting LLC (ALEC), a part of the Investment Corporation of Dubai (ICD), today announced that it has signed a share purchase agreement to acquire TARGET Engineering Construction Company LLC. With this agreement, the companies will have a joint turnover of close to USD 2 billion.

“This acquisition further advances ALEC’s position in the regional construction industry while simultaneously enabling it to enter and fast-track its strategy of becoming a key player in the Middle East Oil & Gas, and Energy and Renewables sectors by drawing from the extensive expertise, and resources that TARGET Engineering has developed over its celebrated 40-year history,” said Khalifa Al Daboos, Deputy CEO at ICD. “For the Investment Corporation of Dubai, this move enables us to align strongly with the UAE government’s ongoing investment into developing world-class critical infrastructure facilities that support its ambition of being an advanced, sustainable economy.”

Founded in 1975, TARGET Engineering operates through four specialised divisions — Mechanical Oil & Gas, Electrical, Civil, and Marine. The company's customer base is comprised of leading Oil & Gas companies, major EPC (Engineering, procurement, and construction) contractors, government entities and property developers. Noteworthy projects that it has successfully completed